Century Casino’s tax revenue rebounds after pandemic
CAPE GIRARDEAU, Mo. (KFVS) – Cape Girardeau’s economy is recovering from the financial hit of the COVID-19 pandemic.
City leaders say, look no further than the Century Casino downtown for that proof.
Century Casino generates millions of dollars for the city every year.
That dollar figure took a big hit in 2020, but now Cape’s CFO tells us the casino is on track to reach pre-pandemic levels by this summer.
“Our recovery is there, but it’s been a little slow but it’s coming back,” Dustin Ziebold said.
Dustin Ziebold is Cape Girardeau’s Chief Financial Officer.
He says the pandemic has impacted businesses across the city, and the Casino has been no exception.
Figures from Ziebold’s office show Century Casino generated more than two point seven million dollars in tax revenue from July 2018 to June 2019.
The following year, the pandemic hit and that number fell to just over two point one million; a loss of more than 627 thousand dollars.
Then it rebounded last year to over two point five million.
“We’ve recovered about 19.20% in 2021 and now we’re up another 9% to kind of get back to flat,” Ziebold said.
Ziebold said casino tax revenue goes directly to city-related projects. One example, a recent overhaul of the Cape Police and Fire Department radio systems.
“It was a very expensive program, but he managed to make their radios work a lot better and communicate better and things like that, so he did big projects like that and we use those funds for that kind of stuff” , did he declare.
Ziebold said Century’s plans to bring a $26 million hotel to the property should generate even more revenue for the city.
The casino’s general manager told us in February that they would be making more detailed plans for the project in the coming months.
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